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The dark side of Bitcoin/Cryptocurrency

2 minutes, 29 seconds read

What is Bitcoin/Cryptocurrency?

“Cryptocurrency is a digital currency that is managed by using one of the most advanced encryption techniques called cryptography to secure its transactions. Bitcoin was the first decentralized cryptocurrency that was created in 2009.”

Bitcoin is crushing the markets with its high evaluations and a lot of interest from general people. It is not the only one, there are now a plethora of cryptocurrencies that people trade in the not so traditional market place. In fact, there are exclusive platforms, especially for trading cryptocurrencies. There is overall a general excitement about the whole cryptocurrency industry if you will categorize it so. 

While these are highly secure transactions, there is a darker side to the whole story as well. This is without even looking at the rapid fluctuations in the pricing of bitcoins or how many new forms they are coming in. We are listing some of the forbidden or undiscovered factors that may not be great for the general acceptance of bitcoins/cryptocurrencies.

1. Inefficient for retail

The cryptocurrency transactions rely on blockchain technology which is a mutual agreement-based system. The blockchain technology involves sharing, updating, and validating ledgers (contracts) at multiple places, making the system very slow for retail transactions. In such scenarios, cash and cards are much faster.

[Related – What is blockchain technology?]

2. Lack of market regulations

Currently, there are no legit market regulations for trading cryptocurrencies. Even the governments are skeptical about the viability of bitcoins. Therefore no government-regulated financial institutions support the transaction of cryptocurrencies (e.g. encashing). Moreover, because of a lack of regulations, cryptocurrencies are extremely difficult to track and that’s why people often use it for dark trading. Thus, bitcoins are prone to bring financial chaos if all transactions are beyond the control of regulators.

[Related: Does Smart Contracts work for India Inc.?]

3. Power inefficiency

Mining cryptocurrency consumes a lot of electricity and it may take nearly 25% of the miner’s revenue. Unless we have renewable sources of energy, it’s really not worth it. For instance, mining bitcoins in India takes almost INR 180000 worth of electricity. So, if the Indian economy were to run completely on bitcoins, all of the world’s electricity will not be sufficient to support the transactions.

4. Parallel Economy

When you can’t track the money, people start leveraging it for illegal transactions. Using it on the Dark Web, Money Laundering, ransom demands are just a few of those use cases. 

The fact is — these problems are similar to the ones we have with the cash economy. If the problem remains (or aggravates), then there is no point in opting for digital currency.

[Related: How Forex Trading Is Going To Be Affected By Cryptocurrency?]

Bitcoin/Cryptocurrency: Should you go for it or not?

We’re not the naysayers. Blockchain is a great technology and is indeed useful for financial transactions. However, it does not target day-to-day transactions. There are several higher-level applications of blockchain viz. Insurance, supply-chain, data transfer, etc. for which the technology is proving fruitful. 

About the author: Kumar Sambhav is the CTO at Mantra Labs. He is a pro in Business Processes, Requirements Analysis and Agile Methodologies. He always enjoys exploring trending technologies – be it cloud computing, blockchain, artificial intelligence, AR or VR.

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The Essence of User-Centered Design: A Dive into Fundamental Principles

In a digital world where user experience reigns supreme, crafting designs that resonate has become a mission. Enter User-Centered Design (UCD), a philosophy placing users at the core of the creative process. In this exploration, we’ll delve into the fundamental principles of User-Centered Design and understand why they are the keystones of successful interfaces.

User-Centered Design

Introduction:

Imagine navigating a website seamlessly, effortlessly finding what you need. That experience is no accident but the result of intentional design. User-centered design (UCD) is the compass guiding designers toward creating interfaces that users not only navigate but embrace.

1. Empathy is Key:

  • Incorporate for a better approach: Start by stepping into the shoes of your users. What are their pain points? What delights them? By empathizing, designers gain insights that drive user-focused design decisions.

2. User Involvement Throughout the Design Process:

  • Real-life example or statistic: Apple’s iterative design process involves user testing at every stage. This constant involvement ensures that their products align precisely with user needs.

3. Holistic Approach to Design:

  • Visual content: Picture your design not as isolated screens but as a cohesive journey. Use diagrams to illustrate how each component fits into the larger user experience ecosystem.

4. Usability is Non-Negotiable:

  • Case studies or examples: Consider the success of Google’s homepage. Its simplicity and efficiency showcase the power of a user-centered approach, emphasizing usability.

5. Accessibility for All:

  • End with a clear call-to-action: Make your designs accessible. It’s not just a legal obligation; it’s an ethical imperative. Ensure your interfaces are usable by everyone, regardless of ability.

6. Consistency Across the Interface:

  • Formatting for readability: Consistency is not just a design principle; it’s a readability strategy. Use bullet points for clarity and short paragraphs for easy consumption.

7. Flexibility and Customization:

  • Inclusive language: Users are diverse, so should your designs be. Incorporate flexibility and customization options. This ensures your interface caters to a broad range of preferences.

Why User-Centered Design Matters:

A. Enhanced User Satisfaction:

  • Feedback mechanism: Prioritize user satisfaction. A satisfied user is an engaged user. Welcome reader input and questions to keep the conversation alive.

B. Reduced Learning Curve:

  • Clear call-to-action: Minimize frustration. Make your interfaces intuitive, reducing the learning curve. Invite users to explore with a clear call-to-action.

C. Increased Engagement and Retention:

  • Visual content: Engaging interfaces retain users. Visualize engagement with appealing images or infographics. Showcase how user-centered designs reduce bounce rates.

D. Effective Problem Solving:

  • Tangible proof: Case studies offer tangible proof. Explore how UCD’s iterative process allows for effective problem-solving. Real-world examples bring these concepts to life.

Conclusion:

In the grand tapestry of digital design, User-Centered Design is the thread weaving functionality, aesthetics, and user satisfaction into a seamless whole. By embracing these principles, designers transform mere interfaces into user-centric experiences. So, as you embark on your design journey, remember: User-centered design isn’t just a philosophy; it’s a commitment to excellence. Design with the user in mind, and success will follow.

About the Author: Mehul Chauhan is a seasoned Senior UI/UX Designer at Mantra Labs. With a deep understanding of design principles and a keen eye for detail, he brings creativity and innovation to every project he touches. When he’s not busy perfecting digital interfaces, you can find him seeking inspiration in art galleries or exploring the latest design trends across various industries.

Further Reading: Unveiling the Art of Emotional Design

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